- Budget & Financial Information
Budget & Financial Information
In this section, you will find several of the Town's primary budgetary and financial documents. Below are brief descriptions of these documents and links that will lead to the current year's document as well as previous years. We hope to encourage residents to learn about the Town's budget and financial condition and how their tax dollars are spent.
Annual Town Meeting Budget Handouts
These documents reflect the Town of Bedford Fiscal Year Operating Budgets as recommended by the Finance Committee to the Annual Town Meeting. The documents present summaries of departmental budgets with financial data for the two most recently completed fiscal years, and the current Fiscal Year budget, all of which are presented for informational purposes.
Annual Town Reports
In accordance with Massachusetts General Law, Chapter 40, Section 49, the Town of Bedford prepares, and makes public, an Annual Town Report prior to the Town Meeting. The Town Report focuses on significant accomplishments of the previous fiscal year and goals for the current fiscal year. The Annual Report also includes reports from major boards and committees, election results, Town Meeting information, and a Town Directory.
Access the most recent Annual Town Meeting Budget Reports in the Archive Center.
Audited Annual Financial Statements
The Town of Bedford annually contracts with a private auditing firm for the purposes of auditing the Town's accounts, funds and preparing financial statements for all governmental activities. The audit is conducted in accordance with the applicable standards contained in the Government Auditing Standards, which are issued by the Comptroller General of the United States. The Town of Bedford has been awarded the Certificate of Achievement for Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (GFOA) for its comprehensive annual financial report (CAFR) for the last 13 consecutive years. This Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management. The CAFR is judged by an impartial panel to meet the high standards of the program including demonstrating a constructive "spirit of full disclosure" to clearly communicate the Town's financial picture.
Access the Audit Annual Financial Statements in the Archive Center.
The Town credit rating is a forward-looking opinion about the credit worthiness of the Town with respect to its financial obligation and its ability to pay back its debt. The Town's bond rating with Standard and Poor's is "AAA", which is the highest rating a municipality can receive from a credit agency.
Access the most recent Bond Rating Reports in the Archive Center.
These documents are prepared by the Town and are distributed in connection with the sale of its general obligation bonds. The Official Statements contain information about the amounts, purposes, and repayment terms of the bonds as well as information concerning the Town's demographics, tax base, financial debt, and other long-term obligations. This information is used by the investment community, at the time of issuance, to gauge the credit worthiness of the Town debt offerings. Since 2007, the Town's bonds have been rated "AAA", the highest credit rating attainable. All past official statements are available by request through the Finance Department.
Other Post-Employment Benefits (OPEB)
This document summarizes the results of an actuarial valuation for the Town of Bedford's Other Post-Employment Benefits (OPEB). The valuations are performed in accordance with the provisions contained in the GASB Statement Number 45, Accounting and Financial Reporting by Employers for Post-Employment Benefits other than Pensions (GASB 45).
View the Other Post-Employment Benefits (OPEB) page for more information.